Silvio Berlusconi is close to selling a 48-percent stake in AC Milan to a Thai investor Taechaubolwith reported price would be worth up to €470 million. Bee was meeting Berlusconi, a month after previous negotiations that resulted in similar reports.
It is already reported in February that the Thai businessman had tabled an offer to acquire a majority stake in the Serie A outfit and sat down with the current Rossoneri supremo at Arcore last month to discuss the conditions of the takeover, eventually reaching a deal in principle that would be turned into a written agreement at a later stage.
Bee, executive director of private equity group Thai Prime, flew to Milan early last month to discuss a deal with the Italian media tycoon.Berlusconi’s holding company Fininvest and Taechaubol have eight weeks of exclusive negotiations to finalize the accord which aims to relaunch the Milan brand especially in Asia and boost its revenues.
“For now it’s a deal that must be confirmed but it’s good for Milan,” Berlusconi said after meeting with Bee on Friday, according to the ANSA news agency. “We want to move forward and make Milan a contender again.”
Both parties have now ironed out the latest details of the agreement, with Taechaubol to acquire a 65 per cent share in Milan over the course of the next 12 months.The terms of the deal dictate that Taechaubol will pay €195 million for a 20% stake in the San Siro side with immediate effect, before eventually taking his stake up to 65%.
Berlusconi has owned the 18-time Italian champions for almost 30 years, presiding over its most successful era with 28 trophies. The sale is a historic change for the team which the former Italian prime minister has owned since the 1980s.AC Milan, seven times European champions, has been a central part of Berlusconi’s media and political empire for three decades.
However AC Milanhave lost some of its shine in recent years and has been unable to compete with richer European rivals.Milan’s form has dipped in recent years and the Rossoneri have not won Serie A since 2011.This past season, Milan finished a disappointing 10th, thus failing to qualify for Europe for a second consecutive year.
“Berlusconi, who will stay on as chairman, and Taechaubol will work together on a big and ambitious business and sports plan to bring Milan back to the top levels of Italian and international football,”Fininvest said in a statement.